MSU board to vote on purchase agreement for new dorm

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The Missouri State University Board of Governors today is scheduled to vote on a purchase agreement of a residence hall to be developed by Bryan Magers.

If the build-to-suit real estate purchase is approved, the university would buy the 200-unit dorm at the corner of Holland Avenue and Madison Street after it’s constructed. Magers’ Bryan Student Housing LLC has contracted with Integrity Development And Construction to manage the construction project, according to the board agenda.

The build-to-suit deal stipulates the purchase price of the dorm would be determined by a cost-based, post-construction appraisal. The purchase would be capped at $24 million, and if the cost exceeds that amount, the additional development expenses would be counted as a donation to the MSU Foundation, according to the agenda.

“If the purchase is funded via an auxiliary bond issuance, our financial analysis indicates that the housing fees collected from residents of the new residence hall should pay for the university’s annual bond payment obligation,” the agenda reads.

MSU officials recommend approval of the buyout plan by the board.

Magers in February was the sole respondent to MSU’s request for information on the construction of the dorm, according to past Springfield Business Journal reporting.

Crews have since razed Magers’ apartments on the site in preparation for the dorm.

The board agenda indicates the dorm would have 400 beds, two apartments for hall staff, 279 indoor parking spaces, a dining hall, retail space and other student amenities. It’s expected to be completed by June 2020.